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Afghan embassy in Pakistan demands release of 450 containers held in Karachi

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The Embassy of Afghanistan in Islamabad announced on Monday that they met with Pakistan’s Ministry of Commerce officials and called for the urgent release of 450 containers that have been held back in Karachi for the past few months.

The embassy said in a statement on X that the economic representative of the Islamic Emirate in Karachi and Islamabad discussed problems with Maria Kazi, Joint Secretary, Foreign Trade Wing at Ministry of Commerce of Pakistan, and Zubair Khan, the secretary of the ministry.

The embassy stated Pakistan’s Ministry of Commerce officials have promised to secure the release of the containers.

This comes after Pakistan recently imposed a 10 percent tax surcharge on a number of commercial goods belonging to Afghan traders, who use Karachi port to ship imported goods into Afghanistan.

Pakistan has also asked Afghan traders to provide cash guarantees equal to the value of their goods.

Recently, Pakistan released 3,000 containers belonging to Afghan traders after they were also stranded at the Karachi port for months.

However, about 450 have been held back. Pakistan claims the contents in the containers are banned from being imported into Afghanistan through Pakistan.

Pakistan has a list of 212 commercial items it forbids traders to send via Karachi port.

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Acting Minister of Economy meets with Afghan businessmen abroad

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Qari Din Mohammad Haneef, Acting Minister Economy, has met with a number of Afghan businessmen and experts living in Germany, France, Italy, Britain, Canada and the United States.

In a recent meeting, the economic and social situation of the country was discussed.

The Afghan businessmen and experts expressed their satisfaction with the security situation and considered the economic programs of the IEA important in improving the economic situation.

The Acting Minister of Economy, explaining the opportunities and facilities available to attract investment in various sectors, called on all Afghan businessmen living abroad to use these opportunities and invest within the country in order to improve the economic situation and create job opportunities.

 

 

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Gold bolts past $3,200 on dollar slide, safe-haven flows

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Gold prices breached the key $3,200/oz level for the first time on Friday, fuelled by a weaker dollar and an escalating trade war that sent investors rushing toward safe-haven assets.

Spot gold was up 1.4% at $3,217.78 an ounce as of 0350 GMT. Bullion scaled an all-time peak of $3,219.84 earlier in the session, and has gained almost 6% this week, Reuters reported.

U.S. gold futures climbed 1.9% to $3,237.50.

“The rapid weakening of the U.S. dollar seems to be the main driver of gold’s rebound at the moment. That seems to reflect an ongoing exodus from USD-based assets, with stocks and bonds’ selloff amid tariff policy uncertainty,” said Ilya Spivak, head of global macro at Tastylive.

The dollar was down nearly 1% against its major peers, making greenback-priced bullion cheaper for overseas buyers.

Major stock indexes also fell after U.S. President Donald Trump ratcheted up tariffs on Chinese imports to 145%, but hit a 90-day pause on previously announced tariffs for dozens of countries.

China has been matching Trump’s tariff hikes, sparking fears that Beijing could push duties on the U.S. beyond the current 84%.

“$3,500 is the next round number people will be looking at. I suspect we won’t get there immediately or without bumps along the way,” Capital.com’s financial market analyst Kyle Rodda said.

Apart from tariffs, central bank demand, expectations of interest rate cuts by the Federal Reserve, geopolitical instability in the Middle East and Europe, and increased flows into gold-backed exchange-traded funds also fuelled the metal’s rally this year.

U.S. consumer prices fell unexpectedly in March but inflation risks are tilted to the upside, data showed.

Traders now bet that the Fed will resume cutting rates in June and probably reduce by a full percentage point by the end of 2025.

Spot silver added 0.3% to $31.29 an ounce, while platinum dipped 0.1% to $936.85. Palladium gained 0.8% to $916.18.

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Russia, Uzbekistan to draft feasibility study for Trans-Afghan Railway project

A discussion session will be held within the framework of the Russia-Islamic World Forum in Kazan in May, bringing together key stakeholders

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Russia and Uzbekistan design organizations will work together this year to conduct the Trans-Afghan Railway project’s feasibility study, Trend news agency reported. 

According to a statement issued by Russia’s Ministry of Transport on Tuesday, Russian and Uzbek designers “will ensure the preparation of sections of the feasibility study for the project to build the Trans-Afghan Railway along the agreed routes, including in terms of determining the forecast for freight traffic volumes and economic efficiency.”

The ministry said two routes have been identified. These are: Mazar-e-Sharif – Herat – Dilaram – Kandahar – Chaman; and the other is Termez – Naibabad – Logar – Kharlachi.

The statement noted that the first session to discuss the project will be held within the framework of the Russia-Islamic World Forum in Kazan in May. A delegation from Afghanistan will attend, along with representatives from Pakistan Railways. 

 

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